NFT Terms — Part 4
New to NFT? Don’t worry; you are not alone. But you will definitely start reading and listening to terms that you may not have encountered before. Some are particular to the NFT world, while others are imported from other related industries. Check a few things to get the latest information.
Read our article for Part 1,2 and 3 here:
- Maximalist — usually refers to the Bitcoin maximalist. Those who only believe that Bitcoin is the safest and most resilient blockchain. For maximalists, all other cryptocurrencies are sit coins, which is a waste of time, development and money.
- Memecoin — Cryptocurrencies like Dogecoin based on internet jokes and memes.
- MetaMask — A popular crypto hot wallet platform for storing cryptos and NFTs.
- Metaverse — The term was coined by writer Neil Stephenson in the 1992 dystopian novel Snow Crash. This is an immersive digital place where people interact through avatars. Big tech players like Meta (formerly known as Facebook) and other independent players have designed their own version of the Metaverse. NFTs can be useful to users. Buy, trade, acquire, access, experience, or interact with things in the Metaverse.
- Miners — An individual or company mining one or more cryptocurrencies such as Bitcoin or Ethereum. Both blockchains require computational power for the proof-of-work consensus mechanism. The miner provides computing power and receives coins / tokens as payment.
- Mining — mining is the process of distributing new tokens on the Bitcoin blockchain. Mining also uses the PoW consensus mechanism to ensure the effectiveness of new transactions that occur on a particular blockchain. Therefore, mine is rewarded by guaranteeing the effectiveness of the blockchain.
- Mint / Minting — Mint a NFT is the act of exposing your own instance on a particular blockchain, such as the Ethereum or Tezos blockchain. Simply put, authors distribute unique tokens (NFTs) on a particular blockchain.
Once the NFT is created, the aliased NFT collector can be i) created directly. In other words, you can deposit the specified amount directly into the wallet of the project and purchase the NFT. Or ii) Purchase through an intermediary such as the NFT Marketplace (eg OpenSea, Foundation, Rarible, etc.). The NFT owner may then decide to resell the NFT, and most NFT authors set royalties for each NFT resale.
- Minting interval — The number of times an NFT creator can create or create a token.
- MOAR — A misspelling that means “more”.
- Moon / Mooning — When the price of a coin (such as ETH) or a token such as an NFT rises exponentially and the price chart shows a vertical rise. Cryptographic or NFT users then use the phrase “X tokens go to the moon!”.
- Moon Boys — Slang for crypto or NFT holders who want to dramatically increase prices by taking tokens a month without a real long-term vision or commitment for short-term profits.
- Never trust, always verify — Treat someone or a project as potentially malicious.
- New coiner — Crypto slang for those unfamiliar with cryptocurrencies. New entrants are usually more prone to FUDs and scammers.
- NFA — An acronym for Not Financial Advice.
- NFT — An acronym for NonFungible Token. Types of tokens that can be created, purchased, sold, resold, and displayed in various DApps. The ERC721 smart contract standard (Ethereum Blockchain) is the most popular of the NFTs.
- NFT Marketplace / NFT Auction Platform — A platform that allows people to buy and sell NFTs, either by auction or by paying the seller’s price. The largest NFT marketplace is OpenSea. However, there are other popular examples of NFT marketplaces such as Foundation, SuperRare, Nifty Gateway, Rarible, Hic et Nunc (HeN).
- NFT Whale — An NFT collector or investor who buys a large amount of NFTs.
- NGMI — An acronym for Not Going to Make It. For example, say something to someone with a paper hand.
- NMP — An acronym for not my problem.
- Nocoiner — It could simply be someone who doesn’t own the cryptocurrency, doesn’t trust the crypto market, or believes the crypto is either a scam or a Ponzi scheme.
- Noob / N00b / Beginner — Cryptocurrency or NFT slang for beginners or inexperienced people. These people tend to be scammed, sucked into pumps and dumps, and sucked into bad coins.
- Normie / Normy — A similar term for Nocoiner.
- NSFW — An acronym for Not Fit for Work. Refers to online content that is not suitable for viewing in public places or at work. It started primarily as a tag for sexual content, nudity, or violence, but has evolved into a variety of other topics that may be sensitive or appealing to the viewer.
- OG — An acronym for Original Gangster, popular in 90’s hip-hop culture. It means the first person, the original person, or the person who was there from the beginning and gained respect in the community.
- On-chain and off-chain — With on-chain NFTs, artwork (JPEGs, videos, music files, etc.) is stored directly on the blockchain, making it more secure and less prone to theft. However, keep in mind that most blockchains can only store a small amount of data.
Off-chain NFT means that high quality image, music or video files are not stored on the blockchain. However, NFT data is stored a) by external parties such as centralized servers. It is extremely vulnerable to server shutdown / abuse. Or b) InterPlanetary File System’IPFS’. This is also an outsider, but because it uses a decentralized, decentralized system, it’s a safer way to retrieve data.
- OpenSea — Currently, it is the largest NFT marketplace in the world.
- Paper Hands — A crypto or NFT holder that is transparent to negative market sentiment or FUD. And they don’t hold their ciphers or NFTs for long. A term used to describe a seller when an NFT enters the bear market.
- PFP — Represents for Picture for Profile. Twitter users who own popular NFTs such as Crypto Punk and BAYC use punk and monkey avatars as their profile pictures.
- POAP NFT — is an abbreviation for Proof of Attendance Protocol. These types of NFTs, whether physical or virtual, are awarded to event attendees as proof of participation.
- PoS — Abbreviation for Proof of Stake. A consensus mechanism used by blockchains such as Bitcoin and Ethereum. Achieve consistency, reliability, security and maintain blockchain integrity for all transactions. PoS mechanisms are considered to be more environmentally friendly than PoW due to their lower energy and emissions.
- PoW — Abbreviation for proof of work. A consensus mechanism used in blockchains such as Bitcoin to achieve consensus, trust, security and maintain the integrity of blockchain transactions. PoW mechanisms require more computational power and therefore consume more energy resources and higher CO2 emissions than PoS mechanisms.
- Private Key — It may look like a password. This is a secret number that allows users to access cold or hot wallet funds, prove ownership of a particular address, and sign transactions on the blockchain.
We do not recommend sharing your private key with anyone as it is vulnerable to theft. If someone loses or forgets their private key, a recovery phrase can be used to restore access to the crypto or NFT wallet.
- Pre-mine — A term used in cryptography to refer to creating a set of tokens before publication. Also known as the Genesis Sale, it is usually associated with an Initial Coin Offering (ICO) to reward founders, developers, or early investors.
- Probably nothing — This is a heartwarming expression used by NFT enthusiasts to refer to important or upcoming big news, projects, or people in the NFT space. That means that if someone probably says nothing, it really means it’s probably something.
- Protocol Coin — Represents a blockchain native coin. Like Ethereum on the Ethereum blockchain and BTC on the Bitcoin blockchain.
- Pump and Dump — The term pump means that an individual or a group of people buys a large amount of cryptocurrencies or NFTs solely for the purpose of persuading others to push prices to a peak. When prices peak, these people sell their positions high, make big profits, throw away prices, straighten or lose other slow investors and novice traders.
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